I think the focal point right now is the alledged fraud, the company performance and capability dont matter. Even if they come out of this, gaining back trust will take years.
Lets hope there are no more skeletons in the closet.
you did not understand the context or maybe I was not clear enough!
company paying you on time is not something luxurious enough to be mentioned as pros, especially in IT field⌠as it is a basic expected thing. Go to accenture page, capgemini page, or any small company such as Zensar page etc, you would hardly find people mentioning salary on time as pros. Understand that this is a very basic thing which is expected. Its not like an onsite opportunity or good yearly hikes which are usually mentioned as pros in IT company .
However, bad infrastructure, salary not on time are huge negatives and are not at all expected, hence they are highlighted in cons âŚ
Thatâs what I intended to say.
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OK, I sold my holdings on monday itself bro, at almost 14K loss out of total investment itself just 26K.
But one of my friend works in USA for this company. his salary given at the moment is 86K per annum USD. which is more than what infosys pays usually. After that only I bought this share just a couple of months back. Forced to sell at loss.
Not sure what is going on in this company. SEBI should at least involve at basic level otherwise why do we need regulator.
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You cant cant compare with Accenture and Capgemini, not even Zensar. Majority of micro caps, do not give salary on time, they just dont focus/spend on the support functions so much cause they cant afford to.
What continues to surprise me is that if the fraud was alledged 5 months ago why was no action taken. Suresh was ceo till 25/9 a full 5 month till after the allegation got formally reported.
I beg to differ. This is a company that has been operating for over 10 years, so it is to be expected that they have basic processes in place. Besides, operating in an ultra-competitive space (there is a lot of demand for cloud-proficient talent), they definitely need to pay salaries and bonuses on time to preserve top talent.
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You guys better vote down in upcoming AGM, it is already open for voting if am not wrong.
I donât have any holding here any more, so you guys can do it.
Just pray to god that they wonât cancel AGM now 
Inter-corporate transactions are my biggest worry ! And how much they will generate cash flow once they are done with acquisitions and also the synergies of the acquisitions have taken place.
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@Funda_Buffett do you think they will survive this allegation. Forgery is not a trivial corp governance issue that can be fixed. There are criminal and civil implications, and the directors are liable even if they have resigned.
I am still sold on the business model and growth, but fraud wipes out all the goodsâŚ
I agree with you 100%. But I have a serious question which we all are ignoring. GHG resigned on April 2018, a random guy on twitter got hold of this letter few days back (i.e. we are towards the end of September now) from MCA and uploaded it on twitter and everybody else shared it and commented !!! IT MEANS WE CAME TO KNOW ABOUT IT âNOWâ ! But in reality GHG has resigned in april itself citing allegations on the promoters. Why GHG hasnt filed criminal case on the promoter yet? Why he is avoiding questions when I and also few other people tried calling him? He himself is hiding something very serious ! And i strongly smell vengeance of his removal from 8K Miles last year. Because it is September now and no criminal case filed ??? I doubt ! Leaving that aside, just for a second, if management indeed have done forgery, there would be case on them by now 100% ! Why that hasnât happened yet?
Again, I may be wrong but there is something seriously wrong . If management is proved guilty then nothing can save 8K. Till that happens, I am relying on the strong facts company presents on its business. A little bit more communication will be great for clearing grey areas !
I have the same question, 5 months why nothing happened, is there a subjudice case already? No one knows!!! The only communication 8k miles needs to do is be transparent about the forgery allegations, I dont think the majority questions their numbers, it only questions their intentions
Hi bro,
Have you come up with the list of questions. If yes,can you please share the same.
Request fellow VP members to add more questions,if any
@Funda_Buffett I respect your judgement and passion. Do you plan to attend AGM in person? If yes, it would help if you could raise some Qâs therein and share answers provided. I have raised some in the discussion thread above. More importantly, you will be able to guage mgmt intent since you would be in person.
Unfortunately, I am unable to attend owing to prior commitments. I have e-voted though and expressed my dissent on acceptance of annual results owing to auditor disclaimer.
Disclosure: invested.
Have you seen the level of capex they are doing? And they are also on the verge of acquiring one more company as per his TV interview. Plus they have started investing in blockchain which will show results in 30-36 months ! Its the initial stages of growth. Wasting on dividend is something being a shareholder also i wouldnt want ! Though I am open to buyback once they are done with their capex and started earning revenue from that capex.
Shoot your questions again please ! Too many chats for me to locate your questions !
Below are the outlines of the questions. Anyone wanting to add please copy/paste these and append so that we have a final consolidated list of questions:
To CEO and management
- What steps is the management taking to increase transparency in accounting practices. (This is an open ended question to understand the response of the management)
- Does the management plan to release individual financial statements and annual reports of the 5 subsidiaries and their subsidiaries. If yes, when. If no, why not.
- Why did the CFO sell stake and re loan the money to the company.
- Explain the fraud allegations by GHG Associates.
To the auditor
- Do you plan in future quarters to audit all subsidiaries. If yes from which quarter, if no what are the guidelines that you follow in accepting the audited financial information from the subsidiaries.
- Are you satisfied by the audited reports and accounting standards of the 5 subsidiaries for March 2018 FY reporting,
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I think the only question, we investors need to find confirmed answer is
Are Revenue numbers for real?
Rest all does not matter. If revenues are real, the company is grossly undervalued.
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Shouldnât the only question to Management be that whether revenue is real?
To Auditor
Did you actually take Debtor/Creditor/Bank Balance confirmation or relied on management representation?
@diffsoft Because of you I could understand things are wrong and then someone said they need to clarify about 8K Miles Media in Moneycontrol forum, which gave me a clue and did some search how to mine MCA website. Downloaded some 10 forms one was this.
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Qâs for AGM:
Why such bizarre related party transactions: loaning money to media group and borrowing money from CFO?
When are you expanding the scope of work of Deloitte to include all subsidiaries?
When will the company start generating free cash flows?
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Thanks @Nasirul.
I think you were the first one to spot the filing of the auditor resignation (due to forgery), that has led to the real spotlight on 8K Miles.
It has now been amplified by BloombergQuint, which should give legitimacy to the questions asked at the AGM.
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